The IFO estimated the Governor’s proposed budget for next year would spend $31.772 billion without any new revenues. With new revenues, the Governor’s budget would be $33.28 billion.

The IFO projected stronger revenues for FY 2015-16 coming in about $300 million above estimates and exceeding the approved budget by $150 million.

There were several limiting “technical” factors (in English decisions to cut taxes, provide more tax credits or other uncontrollable factors) in constructing the 2016-17 budget, including the elimination of the Capital Stock and Franchise Tax ($141 million), the continued decline of unclaimed property/escheats collections ($146 million), one less PIT withholding due date in 2016-17 compared to 2015-16 ($115 million), corporate credits ($40 million) and non-recurring transfers ($27 million).

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